Hinckley & Rugby Building Society has today launched a new three-year fixed rate cash ISA which pays annual tax-free interest of 1.76 per cent.
The new ISA becomes Hinckley & Rugby’s top paying ISA and complements the Building Society’s existing variable rate seven-day and 120-day notice products which last year won an ISA award from Savings Champion.
The new ISA has a minimum balance of £500 and can be opened in one of the Society’s branches or by post.
Andrea Belle, head of branches, agencies and savings, said:
“This new ISA is paying a very competitive rate of interest for savers happy to put their money away for three years.
“It should prove attractive both to our existing members and also to people who are new to Hinckley & Rugby but who are looking for a competitive rate of interest in an ISA that will be delivered with our outstanding levels of traditional customer service.”
The maximum that can be invested in a cash ISA in a tax year is £20,000. Investors must be 16 or over to open a cash ISA and must be resident in the UK for tax purposes.
Savers cannot add to the Hinckley & Rugby ISA after their initial investment. Withdrawals can made during the three-year term with a 180-day loss of gross interest on the amount withdrawn. Hinckley & Rugby does not accept inward transfers of ISAs.
Interest is paid annually on April 5 or on closure. Full details of the new ISA, including a downloadable application form, and the rest of Hinckley & Rugby’s savings range can be found here.